CONSUMER BANKRUPTCY

CONSUMER BANKRUPTCY

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Until recently, consumer bankruptcy, or personal bankruptcy, was an unknown and rare term. New legal solutions and regulations have convinced more and more people to declare personal bankruptcy. By doing so, debtors can improve their situation and solve seemingly unsolvable problems.

The definition of consumer bankruptcy
What is consumer bankruptcy? By definition it is the reduction or remission of the liabilities of a natural person or business entity in case of involuntary insolvency. An insolvency of a debtor is the main reason to declare consumer bankruptcy.

How does a bankrupt benefit from consumer bankruptcy as a human being?

There are many benefits of consumer bankruptcy in practice. Above all – an insolvent person gains financial freedom and gets rid of an overwhelming feeling of hopelessness. Consumer bankruptcy brings both tangible and intangible benefits, and in both cases, the quality of life is highly improved.

The first main benefit is that a person declaring consumer bankruptcy has debts written off after an application to declare bankruptcy has been approved. Since then, all liabilities are immediately cancelled.

Declaring consumer bankruptcy also improves a sense of comfort and guarantees a relief from stress that has been present during long-term proceedings against creditors or debt collectors. Because of that, life comfort is highly improved – a debtor can again seek professional challenges and enjoy life. What is more, declaring bankruptcy positively influences health, as all worries disappear. It is worth noting that a bankrupt does not have to struggle with overwhelming guilt, because the closest relatives do not need to worry about an indebted person’s future (especially in terms of finances).

Summing up, after declaring consumer bankruptcy, we can:

Acquire property, which means that we are able to make right decisions at the right time again. You are not at loss only because the law does not allow you to invest.
Start again. Everybody makes mistakes, but why should we pay for them until the rest of our lives? Declaring consumer bankruptcy lets us forget about past mistakes and focus on new challenges.
Run business. Being written off debt allows us to be professionally active again. Being in debt makes us untrustworthy in the eyes of our partners and customers. Regain the trust thanks to debt reduction!
Regain the psychological comfort. Regardless of the property, everyone is entitled to enjoy the life to its fullest. The reduction of debt provides this inner balance, and long-lasting worries and sorrows are gone forever.
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